24A – Venture Concept No. 1

Livewell Coordination

• Opportunity: Family members who have an elder to care for are unable to easily, successfully develop an action plan that produces healthier, safer and more fulfilling lifestyles for everyone involved in the elder’s life because they can’t relate to their needs and safety concerns. According to the U.S. Census Bureau, in 2018, Florida's 65-and-over population has grown by 3.4% — a growth rate more than double that of any other age group in the state. Many of these elders would benefit from a service like mine in order to figure out what's next for them in life.
• This market is composed of elders or family members who have an elder to take care of that is typically in the middle/upper-middle class that wants a better life. This is because the more care a person requires, the more expensive it gets.
• Many customers are satisfying this need at home by not taking risks and just attempting to take care of elders at home to the best of their abilities which is often not enough. Others are relying on the internet to provide them with the answers they so desperately want and are often given either outdated, incorrect, or just information that doesn't appropriately answer their questions. My service will not be for everyone that needs this help, but will definitely aid a large amount of those who do.
• This opportunity is quite large because many customers are interested in bettering their lifestyles, especially after having lived a long hard-working life.
• This window of opportunity will be open for the next few years because historically, the population of elders in Florida keeps growing at great amounts which only increases the number of potential customers for my service.
• Innovation: My service is a thorough, confidential, face-to-face assessment used to evaluate the elder's needs and safety concerns, after which we develop an action plan that produces healthier, safer and more fulfilling lifestyles for everyone involved in the elder’s life. My employees/myself would be selling an hour of our time for $50 where we figure out what are the elder's needs, safety concerns, living preferences, and budget in order to find them a place and way of living that is tailored to them in a customized way. 
• Venture Concept: This service allows those who have an elder to take care of to be more at ease knowing that their elder is in good hands and all of their needs and wants are being met. 
• Customers would want to switch to this new service because it is more fulfilling, done with ease, and is efficient. For the most part, it will not be hard to get customers to switch because of how systematic it would be. In addition, most people usually want what is best for the elder they take care of, usually one's parents or grandparents, and would do what it takes to do so.
• For the most part, I do not believe that there are any specific companies that are offering this specific kind of service, though I'm sure there are similar services to some extent. That being said, competition could be other businesses entering the market and trying to imitate what I intend to do. Some weaknesses for the potential competition would be the fact that they do not possess my same resources (as discussed in the next assignment) nor have the capability to offer the same service like mine, to the same extent nor in the same way.
• Aspects such as packaging, distribution, and business location don't really play a role in my business venture considering it is a service and not a physical location that a potential customer could walk into and purchase a product off of. However, the customer experience is extremely important considering we are doing our best to suffice their needs and provide them with a healthier, safer, more fulfilling lifestyle that will hopefully drive word of mouth and thus grow the line of customers. In addition, customer support will not be required but will be provided in case anything goes wrong or in case someone changes their mind about something and need help with it as long as it relates to the action plan we developed for them.
• Organizing a business for this service would be relatively easy considering all it takes is having knowledge about the industry as well as healthcare in order to be able to assess people's current position as far as their needs and desires go. I would need to find competent and knowledgeable employees depending on the number of customers, or I could do it myself considering it only takes a couple of hours of my time and I have what I need in terms of knowledge and resources. I would say that depending on the number of customers, I may need one or two employees or business partners that could provide the service when I am unable to do so myself. 
• The Three Minor Elements: 
• My most important resource is definitely my personal experience. I know numerous people that work in the healthcare industry that could help me network and give me extremely valuable advice, many of which are very close to me considering they are family members. In business, it is quite important to network, meaning without this unfair advantage, one would probably struggle to keep this kind of business afloat.
• I would like to expand my target market towards low-income households as well, in order to gain more trust, loyalty, and credibility as even though it will be a more challenging task considering restrictions that arise from having a limited budget, it would be worth it in the long run.
• In the next five years, I intend for my business name to be well-known across at least South Florida. Having a good reputation can only help me further my business and possibly expand to other areas such as Central and North Florida before branching out of state.